With PWM I don't care anything about power, all I care about is amps.
I get my full 8.2 Isc amps from my 130w panel just fine at 13v on battery, but that is 8.2 x 13 = 107w not 130w. The missing 23w is 23/130 = 18% "wasted power"---except there is no waste! Am getting that full amps just fine, thanks :)
At 14v my amps are tapering slightly to say 8a from 8.2. Oh dear, now my watts are UP to 112, but things are getting worse since I lost some amps. (IV curve)
With MPPT you need a whole different way to look at it of course, since you don't get your amps from the Isc of the panel, you get them by squeezing them from the watts.